- Michigan had $115.2 million in handle from mobile sportsbooks for the ten days the platforms were live in January.
- Revenue was at a minus figure for these mobile sports betting applications, posting a loss of $5.2 million because of promotions given to new players.
DETROIT – Michigan’s online and mobile sports betting platforms have taken a whopping $115.2 million worth of bets combined in the course of ten days revealed reports released on Wednesday by the MGCB.
This figure began its climb on day one of the industry going live, January 22. From that date through January 31, operators saw millions of dollars in activity from sports bettors for the sports wagering market.
Retail sportsbooks had $35.7 million in handle for the entire month of January, showing the staggering popularity of mobile sportsbooks in Michigan by comparison. As a whole, the Wolverine State saw almost $150.9 million in bets placed on sporting events to close out the first month of 2021.
There are currently eleven mobile sports wagering applications in Michigan that contributed to these numbers. Because of the breakout into the market, operators were holding tons of promotions to have players sign up and use their services for gambling on sports.
This caused a loss in overall revenue despite the heavy handle.
Originally, there was $13.3 million in revenue gained in that ten-day period. However, there was a total of $18.5 million in promotions from these companies given to members for wagering with them. This put them $5.2 million in the red for profits in January.
Considering the amount of business they were able to obtain in ten short days and promotions slowly fading out as there won’t be an influx of signups all at once like with the debut of the platforms, these operators are sure to make up for this loss in the coming months.
Here’s what mobile sportsbooks brought to the legal sports betting industry in Michigan for the month in handle, from top earner all the way down the line. These numbers are straight from the Michigan Gaming Control Board’s report.
- FanDuel Sportsbook $32,602,738
- DraftKings Sportsbook $28,190,634
- Barstool Sportsbook $27,482,238
- BetMGM $22,789,889
- PointsBet $1,491,196
- BetRivers $1,073,194
- William Hill $692,319
- TwinSpires $327,661
- WynnBET $248,879
- FoxBET $160,052
- Golden Nugget $106,904
Michigan legal sports wagering is receiving tons of talk about becoming the next state in the nation to hit the top five for sports gaming activity after the financial report was released. The numbers were unprecedented and more than anyone in the state could have expected coming right out of the gate with the new market.
While FanDuel and DraftKings were in the top two, as they typically are no matter where in the country they have applications, the new Barstool Sportsbook had a tremendous showing coming in third to the usual top two contenders. Barstool had 48,400 people sign up with their application in ten days with 26,200 people engaging with sports bets on their platform.
Michigan will definitely be a state to watch in the sports wagering industry as a surge in their numbers over the next few months feels imminent.
News tags: Barstool Sportsbook | BetMGM | BetRivers | DraftKings Sportsbook | FanDuel Sportsbook | FoxBet | Golden Nugget | MGCB | Michigan | Michigan Gaming Control Board | PointsBet | TwinSpires | William Hill | WynnBET
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.